16 Apr 2019 07:00
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
Share Issue
PetroNeft has agreed to issue 13,884,594 Ordinary Shares in settlement of liabilities as follows:
Shares in lieu of cash to pay David Sturt for deferred Non-Executive Director fees:
The Company owed Mr Sturt accrued fees totalling €44,806 from his time as non-executive Director of the company up until his appointment as CEO on 25th March 2019. At Mr Sturt's request the company has settled this debt by providing shares instead of in cash at based on the weighted average share price for the five days prior to his commencement as CEO (1.1125p/share) with the total issued to him being 3,413,390.
Departure Agreement with Dennis Francis:
As part of Mr Francis resignation agreement, he agreed to be paid part of the fees owed to him in shares instead of cash. Under this agreement Mr Francis was due to be issued 10,471,204 shares in settlement of fees totalling US$200,000 (the equivalent of US$0.0191 per share, 1.458p/share). These shares have now been issued.
Resultant holdings of Mr Sturt & Mr Francis:
Ordinary Shares held prior to Share Issue | Share Issue | Resulting holding of Ordinary Shares | % of Issued Share Capital* | |
David Sturt | 634,615 | 3,413,390 | 4,048,005 | 0.56% |
Dennis Francis | 25,890,416 | 10,471,204 | 36,361,620 | 5.04% |
The Company will apply for admission of the Shares to be traded on the AIM and Euronext Growth markets. It is expected that Admission will take place and that trading will commence on or around 24th April 2019.
\* This percentage shareholding is based on a total shares now in issue figure of 721,130,500 ordinary shares.
For further information, contact:
David Sturt, CEO, PetroNeft Resources plc +971 55 191 9808